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Island swings to profit after Dutch disposals

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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - The disposal of its Dutch assets lifted Irish oil and gas group Island Oil and Gas into profit.

The company reported a pre-tax profit of £12.4m in the year to July 31, compared with £5m the previous year.

While turnover only rose to £2.25m from £1.76m the previous year, the company benefited from the sale of its Dutch assets to Delta Hydrocarbons for $25m. The revenues came from Island’s interest in the Seven Heads gas field in the Celtic Sea, south of Ireland.

During the period, Island entered into agreements with partners in Albania, Moldova and Morocco.

The company also remained active in waters around Ireland, continuing its strategy to 'hoover up' proven, probable and possible oil and gas accumulations in the Celtic Sea.

“This has been a transformational year, driven by the significant profit generated by the disposal of the company's Dutch assets and the resultant positive rebalancing of our financial position,” chief executive Paul Griffiths said.

“We see this as a validation of the Island business model; low cost entry, adding value through technical expertise and operating capability, thereby bringing forward the value of our projects whether that is by production, or through an equity solution.”

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